Angola’s currency loses 30% of its value against the euro since 1 January

9 March 2018

Angola’s currency, the kwanza, has lost 30% of its value against the euro and more than 22% against the US dollar since the new exchange rate regime was put in place, in which exchange rates are set by currency auctions that the Bank National Bank of Angola (BNA) regularly carries out, according to calculations made by the international press.

The euro’s average exchange rate stood at 264.37 kwanzas on Thursday, compared to 1 January, when exchange rates were set by the central bank and it stood at 185.40 kwanzas, which represents a depreciation of 29.8% within two months, according to Portuguese news agency Lusa.

On Thursday the US dollar exchange rate stood at an average of 213.25 kwanzas. Two months ago it was 165.92 kwanzas, a depreciation in this case of 22.2%.

The current exchange rate was set following the latest foreign currency auction, held on Tuesday by the BNA and which placed 200 million euros in various sectors, such as imports of raw materials, capital goods, parts and accessories and building materials, as well as telecommunications and reinsurance payments. (macauhub)